The firm acquired gun maker Bushmaster in 2006, creating Freedom Group following the merger with a number of other companies. The spotlight was placed on the company last year, when one of its Bushmaster rifles was used in the Sandy Hook massacre in Newtown, Connecticut.

Cerberus is looking to gain a new debt facility to allow select Cerberus LPs to exit their holding. Investors including CalSTRS, the country’s second largest pension fund, were said to be reviewing their investment with Cerberus in the wake of the shootings.